COMPANY MEETINGS
REFUGE ASSURANCE COMPANY LIMITED
THE Chairman in a statement submitted with the 1965 Accounts reported that in the Life Branches new policies had been issued assuring benefits aggre- gating some £59 millions, at annual premiums of £3,046,000 and single premiums of £900,000. The total premium income of the year was some £25 millions. At the end of the year there were more than seven million contracts in force, assuring £523 millions, including bonuses, and annuities of £1,203,000 per annum.
The premium income of the Company's subsidiary, the Federated Employers' Insurance Association, which conducts most classes of insurance business other than Life, was £3,400,000. Despite continuing difficulties on the Fire account the Association's business as a whole showed a satisfactory under- writing profit over the year.
INVESTMENTS
The Company's assets of £221 millions shown in the Balance Sheets included £75 millions in securities of the British Government and Local Authorities, £49 millions in Debentures and Prefer- ence stocks, and £43 millions in Ordinary stocks. In addition there were mortgages, largely in connec- tion with House Purchase, of £34 millions and property investments of £10 millions.
BONUSES TO POLICYHOLDERS
The total sum allocated from the surpluses of the year to provide for bonuses to policyholders was over £7 millions. In the Ordinary Branch the allocation provides a bonus on with-profit policies at the rate of £3. per cent. on the sum assured in respect of each year's premium due in 1965 and paid. In the Industrial Branch a reversionary bonus at the rate of £2. 2s. Od. per cent. on the sum assured has been granted on premium-paying policies which were in force on 1st January 1966, subject to the completion of one year's premium payments. Cer- tain other increases in benefits, varying with the year of entry and reaching a maximum of f6. 2s. Od. per cent. on the sum assured, have been granted to Industrial Branch policies becoming claims within the next year.
In each Brans& the bonus now granted is the highest paid in the Company's history.
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